Value of Information (VoI) in Risk informed Asset Integrity Management (RIAIM)

The general objective of the project is to formulate and model the Asset Integrity Management (AIM) problem in the context of Operating Expenditure (OPEX) minimization for offshore oil and gas production facilities as an information management problem, on the basis of Bayesian decision analytical formulations. The focus of the project is directed on the quantification of the efficiency of additional information, which may be collected through inspections, monitoring, experiments and tests, as a means for reducing OPEX. Besides establishing the general theoretical framework, formulations of this must be identified which facilitates that the required analysis may be performed efficiently and provide relevant decision support.

Since 2005, the production of Oil and Gas in Danish part of North Sea has been declining. To maintain economic feasibility of continued production it is necessary to substantially reduce Operating Expenditures (OPEX), increase the production volume and at the same time ensure that requirements to safety of personnel and the qualities of the environment are adequately fulfilled.
One of the activities initiated under the Danish Hydrocarbon Research and Technology Center (DHRTC), with the objective to increase the efficiency in Assets Integrity Management (AIM) for exiting offshore facilities, the present project “Value of Information (VoI) in Risk Informed Asset Integrity Management (RIAIM)” project has been commenced.